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How to calculate interest
laurajd28
Posts: 149 Forumite
in Credit cards
Hi,
I've got a Halifax One Card, and the 0% on purchases is coming to an end soon.
I've got £550 on the card - how do I work out how much interest I would pay on it each month?
Thanks
I've got a Halifax One Card, and the 0% on purchases is coming to an end soon.
I've got £550 on the card - how do I work out how much interest I would pay on it each month?
Thanks
0
Comments
-
What is the APR?
If it's 16.9% for example, a quick & dirty calculation will give you an estimate (it's not exact):
0.169 x 550 (Annual Interest) = £92.95 Interest PA
£92.95 / 12 = £7.75 interest per month.
Depends on the APR but it should be around £7 to £9 a month
Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
0 -
What is the APR?
If it's 16.9% for example, a quick & dirty calculation will give you an estimate (it's not exact):
0.169 x 550 (Annual Interest) = £92.95 Interest PA
£92.95 / 12 = £7.75 interest per month.
Depends on the APR but it should be around £7 to £9 a month
Fantastic!!! I was working it out and not dividing it per month, so was panicking that I would be paying £90 per month in interest!!!!!
Thank you sooooooo much for your help!!!!
Laura xx0 -
Presumably you are looking at a new CC with >12m interest free on transfers? At 3% for the fee it will be much cheaper than keeping the debt on the existing card.
http://www.stoozing.com/0fees.phpEthical moneysaver0
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